May 1, OctaFX – The kiwi dropped slightly today after the country released weaker jobs numbers. In the first quarter, the New Zealand participation rate declined to 70.40% from the previous 70.90%. The employment change in the quarter dipped by 0.2%, which was lower than the expected gain of 0.5%. The labor cost index rose by an annual rate of 2%, which was higher than the expected 2.1%. On a positive note, the unemployment rate improved slightly to 4.2% from the previous 4.3%.
NZDUSD technical outlook
The NZDUSD pair declined slightly after the weak job numbers. The pair reached a low of 0.6625, which is slightly below the 50-day and 25-day moving averages. The price is also below the important resistance line shown in green below. The RSI has moved lower, to the current level of 45. There is a likelihood that the pair will remain at these levels ahead of the US FOMC decision.
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